Alberta Star Increases Financing to Cdn $10.5 Million in Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 26, 2005) - Tim Coupland, President and CEO of Alberta Star Development Corp. (the "Company") (TSX VENTURE:ASX)(OTCBB:ASXSF), is pleased to announce that the Company has increased the size of its previously announced brokered private placement to a total of up to CDN $10.5 million dollars, inclusive of any over-allotment option. Pacific International Securities Inc. is agent for the best efforts private placement. The company will now issue up to up to 10 million flow-through units (the "FT Units") at $0.45 per FT Unit, and up to 15 million non flow-through units (the "Common Share Units") at $0.40 per Common Share Unit, for total gross proceeds of up to $10.5 million. The other terms of the private placement are the same as announced in the Company's August 24th press release. The proceeds from the offering will be used to finance ongoing exploration of the Company's properties, including exploration of the Company's Contact Lake IOCG property, to finance ongoing regional land acquisitions, and for general working capital.
Alberta Star has recently completed and filed a comprehensive NI 43-101 report on the Contact Lake property with copper, gold, cobalt, silver and uranium mineralization identified in an iron oxide, copper, gold, ("IOCG") setting. The report can be viewed at www.sedar.com. The report was prepared in accordance with the guidelines of National Instrument 43-101 "Standards of Disclosure for Mineral Projects" and is based on data and geological information gathered from public sources, assessment files, historical information, Federal government maps, reports and assessment files. The source information of data presented in this technical report is believed to be reliable and accurate.
The private placement is subject to TSX Venture Exchange acceptance for filing and required regulatory approvals.
On behalf of the Board of Directors of ALBERTA STAR DEVELOPMENT CORP.
Tim Coupland, President & CEO
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This News Release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve that involve various degrees of risk. The following are important factors that could cause Alberta Star's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.
The TSX Venture Exchange does not accept responsibility for the accuracy of the content of this News Release.
